Auditor Report of Mahadushi International Trade Ltd.

Mar 31, 2015

We have audited the accompanying financial statements of MAHADUSHI
INTERNATIONAL TRADE LTD (CIN: L74999DL1994PLC062446) ("the
company"),which comprise the Balance Sheet as at 31 March 2015, the
Statement of Profit and Loss, the Cash Flow Statement for the year then
ended, and a summary of significant accounting policies and other
explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in
section 134(5) of the Companies Act, 2013 ("the Act") with respect to
the preparation of these financial statements that give a true and fair
view of the financial position, financial performance and cash flows of
the Company in accordance with the accounting principles generally
accepted in India, including the Accounting Standards specified under
Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes the maintenance of
adequate accounting records in accordance with the provision of the Act
for safeguarding of the assets of the Company and for preventing and
detecting the frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation
and maintenance of internal financial control, that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing
specified under section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant
to the Company's preparation of the financial statements that give true
and fair view in order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by Company's Directors, as well as
evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.

Opinion

In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements, give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India;

a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;

b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and

c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of section 143 of the Companies Act, 2015, we give in
the Annexure a statement on the matters specified in paragraphs 3 and 4
of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and explanations
which to the best of our knowledge and belief were necessary for the
purposes of our audit.

b) In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.

c) Company does not have any branch office accordingly reports on the
accounts of the branch offices of the Company audited under Section
143(8) of the Act are not applicable.

d) The Balance Sheet, the Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.

e) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014.

f) On the basis of written representations received from the directors
as on 31 March, 2015, taken on record by the Board of Directors, none
of the directors is disqualified as on 31 March, 2015, from being
appointed as a director in terms of Section 164(2) of the Act.

The Annexure referred to in our report to the members of MAHADUSHI
INTERNATIONAL TRADE LTD for the year Ended on 31st March 2015. We
report that:

1. (a) Company is maintaining proper records showing full particulars,
including quantitative details and situation of fixed assets;

(b) As explained to us, the management has physically verified the
fixed assets during the year and there is a regular programme of
verification which, in our opinion, is reasonable having regards to the
size of the company and the nature of the assets. No discrepancies were
noticed on such verification.

2. (a) Company does not have any inventory at the end of the year.

(b) In view of our comment in paragraph (a) above, clause (ii) (a) (b)
and (c) of paragraph 2 of the aforesaid order are not applicable to the
company.

3. (a) Company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act.

(b) in view of our comment in paragraph (a) above, clause (in) (a) and
(b) of paragraph 3 of the aforesaid order are not applicable to the
company.

4. In our opinion and according to the information and explanation
given to us, there are adequate internal control systems commensurate
with the size of the company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
continuing failure to correct major weakness in internal control
system.

5. Company has not accepted deposits from public. Hence provisions of
sections 73 to 76 or any other relevant provisions of the Companies Act
and the rules framed there under, do not apply to this company.

6. The Central Government has not prescribed the maintenance of cost
records under sub-section (1) of section 148 of the Companies Act for
any of the products manufactured/services rendered by the Company.

7. (a) According to the information and explanations given to us and on
the basis of our examination of the records of the Company, amounts
deducted/ accrued in the books of account in respect of undisputed
statutory dues have been regularly deposited during the year by the
Company with the appropriate authorities. As explained to us, the
Company did not have any dues on account of Wealth tax, Sales tax,
Excise Duty, Cess, Employees' State Insurance and Investor Education
and Protection Fund.

(b) According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax and other material
statutory dues were in arrears as at 31 March 2015 for a period of more
than six months from the date they became payable.

(c) According to the records of the Company, there were no amount which
were required to be transferred to investor education and protection
fund. Therefore, the provision of clause 3 (viii) (c) of the Companies
(Auditor's Report) Order, 2015 are not applicable to the Company.

8. The company has accumulated losses at the end of the financial year
and which is less than fifty per cent of its net worth. The company has
not incurred cash losses in such financial year and in the immediately
preceding financial year.

9. In our opinion and according to the information and explanation
given to us, the company has not take any loan from financial
institution and bank hence clause 9 of the CARO 2015 is not applicable.

10. The Company has not given any guarantee for the loans taken by
others from bank & financial Institutions.

11. In Our Opinion and according to the information and explanations
given to us, the company has not obtained any term loan.

12. Based upon the audit procedures performed and according to the
information and explanations given to us, we report that no fraud on or
by the Company has been noticed or reported during the year.

For S A Jain & Associates
Chartered Accountants
FRN: 025238N

Sd/-
Anuj Jain
Partner
Membership No. 525676

Place: Delhi
Date: 29.05.2015

Mar 31, 2014

We have audited the accompanying financial statements of MAHADUSHI
INTERNATIONAL TRADE LIMITED ("the Company). Which comprise the balance
sheet as at 31st March 2014, the statement of profit and loss and the
cash flow statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.

MANAGEMENT''S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

Management is responsible for the preparation of these financial
statements that give true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
accounting standard referred to in sub section(3G) of section 211 of
companies Act 1956 ("the Act"). This responsibility includes the
design, implementation and maintenances of internal control relevant to
the preparation and presentation of financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.

AUDITOR''S RESPONSIBILITY

Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the standards on auditing issued by the Institute of chartered
accountant of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statement whether
due to fraud or error. In making those risk assessments the auditor
considers internal control relevant to the Company''s Preparation and
fair presentation of the financial statement in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by the management
as well as evaluating the overall presentation of the financial
statements.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.

OPINION

In our opinion, and to the best of our information and according to the
explanation given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:

(a) In the case of balance sheet , the state of affairs of the company
as at March31 , 2014,

(b) the case of statement of profit and loss of the profit for the year
ended on that date, and

(c) In the case of the cash flow statement, of the cash flows of the
company for the year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the companies (auditor''s report) order, 2003 ("the
Order") issued by the Central government of India in terms of
sub-section (4a) of section227 of the Act , we give in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the order.

2. As required by the section 227(3) of the act, we report that :

(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of the
audit.

(b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.

(c) The balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this report are in agreement with the
books of account.

(d) In our opinion , the balance sheet, statement of profit and loss,
and the cash flow statement comply with the accounting standards
referred to in sub-section (3C)of section 211 of companies act 1956

(e) On the basis of written representation received from the directors
as on 31st march 2014, and taken on record by the board of directors,
none of the directors is disqualified as on 31st march 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of Companies Act, 1956.

MAHADUSHI INTERNATIONAL TRADE LIMITED (ANNEXURE TO THE AUDITOR''S
REPORT) Annexure referred to Companies (Auditor''s Report) Order,
2003 ("the Order") issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Act.

On the basis of such checks as we considered appropriate and according
to the information and explanation given to us during the course of our
audit, we report that:

1. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of its fixed
assets.

(b) As explained to us, fixed assets have been physically verified by
the management at reasonable intervals; no material discrepancies were
noticed on such verification.

(c) In our opinion and according to the information and explanations
given to us, no fixed asset has been disposed during the year and
therefore does not affect the going concern assumption.

2. (a) The Inventory has been physically verified by the management
during the current year. In our opinion the frequency of such
verification is reasonable.

(b) The procedure for the physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the company and the nature of its business.

(c) The company has maintained proper records of inventory. No
discrepancies were noticed on the physical verification between the
physical stock and books records were not material.

3. (a) According to the information and explanations given to us and
on the basis of our examination of the books of account, the Company
has not granted any loans, secured or unsecured, to companies, firms or
other parties listed in the register maintained under Section 301 of
the Companies Act, 1956. Consequently, the provisions of clauses iii
(b), iii(c) and iii (d) of the order are not applicable to the Company.

(e) According to the information and explanations given to us and on
the basis of our examination of the books of account, the Company has
not taken loans from companies, firms or other parties listed in the
register maintained under Section 301 of the Companies Act, 1956. Thus
sub clauses (f) & (g) are not applicable to the company.

4. In our opinion and according to the information and explanations
given to us, there is generally an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventories & fixed assets and payment
for expenses & for sale of goods. During the course of our audit, no
major instance of continuing failure to correct any weaknesses in the
internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the
information and explanations provided by the management, the
particulars of contracts or arrangements referred to in section 301 of
the Act have been entered in the register required to be maintained
under that section.

b) As per information & explanations given to us and in our opinion,
the transaction entered into by the company with parties covered u/s
301 of the Act does not exceeds five lacs rupees in a financial year
therefore requirement of reasonableness of transactions does not
arises.

6. The Company has not accepted any deposits from the public covered
under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the
Company has an internal audit system commensurate with its size and the
nature of its business.

8. As per information & explanation given by the management,
maintenance of cost records has not been prescribed by the Central
Government under clause (d) of sub- section (1) of section 209 of the
Act for the company.

9. (a) According to the records of the company, undisputed statutory
dues including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service
Tax, Custom Duty, Excise Duty, cess to the extent applicable and any
other statutory dues have generally been regularly deposited with the
appropriate authorities. According to the information and explanations
given to us there were no outstanding statutory dues as on 31st of
March, 2014 for a period of more than six months from the date they
became payable.

(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty which have not been deposited
on account of any disputes.

10. The Company have accumulated losses less then the 50% of the net
worth of the company at the end of the year and has not incurred any
cash losses during the current year and immediately preceding financial
year.

11. Based on our audit procedures and on the information and
explanations given by the management, we are of the opinion that, the
Company has not defaulted in repayment of dues to a financial
institution, bank or debenture holders.

12. According to the information and explanations given to us, the
Company has not granted loans and advances on the basis of security by
way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit
fund/society. Therefore, the provision of this clause of the Companies
(Auditor''s Report) Order, 2003 (as amended) is not applicable to the
Company.

14. According to information and explanations given to us, the Company
is trading in Shares, Mutual funds & other Investments. Proper records
& timely entries have been maintained in this regard & further
investments specified are held in their own name.

15. According to the information and explanations given to us, the
Company has not given any guarantees for loan taken by others from a
bank or financial institution.

16. Based on our audit procedures and on the information given by the
management, we report that the company has not raised any term loans
during the year.

17. Based on the information and explanations given to us and on an
overall examination of the Balance Sheet of the Company as at 31st
March, 2014, we report that no funds raised on short-term basis have
been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and
explanations given to us by the management, we report that the Company
has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under
audit.

20. The Company has not raised any money by public issue during the
year.

21. Based on the audit procedures performed and the information and
explanations given to us, we report that no fraud on or by the Company
has been noticed or reported during the year, nor have we been informed
of such case by the management.

For B D Gupta & Co.

Chartered Accountants

Sd/-

Mr. Manish Kumar Gupta

(Partner)

Membership No.: 099568

FRN: 000309C

Place: New Delhi

Date: 29.05.2014

Mar 31, 2013

We have audited the accompanying financial statements of M/S MAHADUSHI
INTERNATIONAL TRADE LIMITED ("the Company). Which comprise the balance
sheet as at 31st March 2013, the statement of profit and loss and the
cash flow statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.

Management''s Responsibility for the Financial Statements

Management is responsible for the preparation of these financial
statements that give true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
accounting standard referred to in sub section(3C) of section 211 of
companies Act 1956 ("the Act"). This responsibility includes the
design, implementation and maintenances of internal control relevant to
the preparation and presentation of financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.

Auditor''s Responsibility

Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the standards on auditing issued by the Institute of chartered
accountant of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statement whether
due to fraud or error. In making those risk assessments the auditor
considers internal control relevant to the Company''s Preparation and
fair presentation of the financial statement in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by the management
as well as evaluating the overall presentation of the financial
statements.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, and to the best of our information and according to the
explanation given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:

(a) In the case of balance sheet , the state of affairs of the company
as at March31, 2013;

(b) the case of statement of profit and loss of the profit for the year
ended on that date, and

(c) In the case of the cash flow statement, of the cash flows of the
company for the year ended on that date.

Report On Other Legal and Regulatory Requirements

1. As required by the companies (auditor''s report) order, 2003 ("the
Order") issued by the Central government of India in terms of
sub-section (4a) of section227 of the Act , we give in the annexure a
statement on the matters specified in paragraphs 4 and 5 of the order.

2. As required by the section 227(3) of the act, we report that :

(a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of the
audit.

(b) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books.

(c) The balance sheet, the statement of profit and loss and the cash
flow statement dealt with by this report are in agreement with the
books of account.

(d) In our opinion, the balance sheet, statement of profit and loss,
and the cash flow statement comply with the accounting standards
referred to in sub-section (3C) of section 211 of companies act 1956

(e) On the basis of written representation received from the directors
as on 31st march 2013, and taken on record by the board of directors,
none of the directors is disqualified as on 31st march 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of Companies Act, 1956.

(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF THE AUDITOR''S REPORT OF EVEN
DATE IN THE ACCOUNTS FOR THE YEAR ENDED ON 31.3.2013 OF M/S MAHADUSHI
INTERNATIONAL TRADE LIMITED, NEW DELHI.

1. (a) The company has maintained proper records showing particulars,
including quantitative details coverd and situation of fixed assets.

(b) As per explanation given to us a portion of the fixed assets has
been physically verified by the management during the year and there is
a regular program of physical verification, which, in our opinion, is
reasonable having regard to the size of the company and nature of the
assets. No material discrepancies were noticed on such verification.

(c) In our opinion and as per information and explanation provided to
us no significant part of fixed assets has been disposed off during the
year.

2. As per information and explanation provided to us, the company does
not have any inventory during the financial year hence clause (b) and
(c) not applicable.

3. (a) As per information and explanation provided to us, the company
has not granted any loans, secured or unsecured from companies, firm or
other parties covered in the register maintained under section 301 of
the Act and hence the clause (b),(c),(d)are not applicable to the
company.

4. (e) As per Information and explanation provded to us, the company
has not taken any loans, secured or unsecured from companies firm or
other parties covered in the register maintained under section 301 of
the Act and hence the clauses(g) and (f) not applicable.

In our opinion and according to the information and explanations given
to us, there are adequate internal control procedures commensurate with
the size of the company and the nature of its business regard to
purchase of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, no major weakness has been
noticed in the internal controls.

5. (a) As per the available records, In our opinion the company has
not enterned into register maintained under section 301.

(b) Not applicable.

6. According to the information provided to us and in our opinion the
company has not accepted any deposits from the public during the year.

7. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.

8. According to the explanations given to us the Central Government
has not prescribed maintainance of cost of records under section 209
(1)(d) of the Companies Act, 1956, to the Company.

9. (a) In our opinion as per the information provided to us the
Company is regular in depositing undisputed statutory dues including
Provident Fund, Employees State Insurance Income-tax, Sales- tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent
applicable and any other statutory dues with the appropriate
authorities.

(b) According to the information and explanations given to us, there is
no amounts payable in respect of income tax, wealth tax, service tax,
sales tax, customs duty and excise duty were outstanding, as at for a
period of more then six months from they become payable.

10. The accumulated losses of the company are not more then fifty
percent of the net worth of the company and company has not incurrent
any cash loss during the financial year covered by our audit.

11. According to the information and explanation given to us, the
company has not defaulted in repayment of dues to a financial
instauration, bank or debenture holder.

12. As per information and explanations provided to us the company has
not granted any loss and advances on the basis of security by way of
pledge of share, debenture and others securities.

13. (a) In our opinion, The Company is not a chit fund or nidhi/mutual
benefit fund/societies. Therefore, the provision of clause 4 (Xiii) of
the (Auditors Report) Order 2003 are not applicable to the Company.

(b) In our opinion and as per the information and explanation provided
to us, the company is not dealing in shares, securities, debentures and
other investments.

14 . According to information and explanations given to us, the Company
does not held shares, securities, debentures and other securities in
its own name.

15 . As per information and explanations provided to us the company has
not during the year given any guarantee for loans taken by others from
bank or financial institutions.

16 . According to the information provided to us, the Company has not
avail any term loans during the financial years.

17 . In our opinion and according to the information and explanations
provided to us the company has not raised any funds on short term basis
during the financial year.

18 . According to the information and explanations given to us, the
company has not made prefential allotment of shares to parties and
companies covered in the registered maintained under section 301 of the
Act.

19 . In our opinion and as per the information and explanations
provided to us the company has not issued any debentures during the
year.

20 . As per the available information and explanations the has not
raised money by public issue during the year.

21 . According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.

For GARG AGRAWAL & AGRAWAL
Chartered Accountants

Sd/-
ASHOK AGARWAL
PARTNER
M. NO.: 500883

PLACE: NEW DELHI
DATE: 30/05/2013

Mar 31, 2012

1. We have audited the attached Balance Sheet of M/s MAHADUSHI
INTERNATIONAL TRADE UMITED, as at 31st March 2012, Profit and Loss
Statement and cash flow for the year ended on that date annexed
thereto. These financial statements are the responsibility of the
Company''s management. Our responsibility is to express an opinion on
these financial statements, based on our audit.

2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the over all financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.

3. As required by Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India In terms of sub-section (4A) of section
227 of the Companies Act, 1956, we enclose in the Annexure a statement
on the matters specified in paragraph 4 and 5 of the said order..

Further to our comments in the Annexure referred to above, we report
that:

(i) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit;

ii) In our opinion, proper books of accounts as required by law have
been kept by the company so far as appears from our examination of
those books;

ili) The Balance Sheet, Profit and Loss Statement and cash flow dealt
by this report are in agreement with the books of account;

iv) In our opinion, the Balance Sheet, Profit and Loss Statement and
cash flow dealt with by this report comply with the accounting
standards referred to in sub- section (3C) of section 211 of the
Companies Act, 1956;

v) On the basis of written representations received from the directors,
as on 31st March 2012, and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March
2012 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the Information
required by the Companies Act, 1956, In the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India.

(a) in the case of the Balance Sheet, of the state of affairs of the
Company os at 31st March, 2012,; and

(b) in the case of the Profit and Loss Statement, the Profit of the
Company for the year ended on that date.

(c) In the case of cash flow statement, of the cash flow for the year
ended on that date.

ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR AUDIT REPORT OF EVEN DATE

1. (a) The Company has maintained proper records showing particulars,
including quantitative details and situation of fixed assets.

(b) As per explanation given to us a portion of the fixed assets has
been physically verified by the management during the year and there is
a regular program of physical verification, which, in our opinion, is
reasonable having regard to the size of the company and nature of the
assets. No material discrepancies were noticed on such verification.

(c) In our opinion and as per information and explanation provided to
us signifleant part of fixed assets has been disposed off during the
year.

2. (a) The company does not have any Inventories during the year.
Therefore clauses (b) and (c) are not applicable.

3. (a) As per Information and explanation provided to us the company
has not granted any loans, secured or unsecured to companies, firms or
other parties covered in the roister maintaineclunder section 301 of
the Act and hence the clauses (b),(c),(d)are not applicable to the
company.

(e) As per Information and explanation provided to us the company has
not taken any loans, secured or unsecured from companies, firms or
other parties covered in the register maintained under section 301 of
the Act and hence the clauses(g) and (f) not applicable.

4. In our opinion and according to the information and explanations
given to us, there are adequate internal control procedures
commensurate with the size of the company and the nature of its
business with regard to purchases of inventory, fixed assets and with
regard to the sale of goods. During the course of our audit, no major
weakness has been noticed in the internal controls.

5. (a) As per the available records. In our opinion the company has not
entered into any transaction, which in our opinion needs to be entered
into the roister maintained under section 301 and hence Clause (b) not
applicable.

6. According to the Information provided to us and in our opinion the
company has not accepted any deposits from the public during the year.

I. In our opinion, the company has an internal audit system
commensurate with the size and nature of its business.

8. According to the explanations given to us the Central Government has
not prescribed maintenance of cost records under section 209 (1) (d) of
the Companies Act, 1956, to the company.

9. (a) In our opinion and as per the information provided to us the
Company is regular in depositing undisputed statutory dues including
Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, Cess and any other statutory dues with the appropriate
authorities.

(b) According to the Information and explanations given to us, no
undisputed amount payable in respect of Income-tax, wealth-tax, sales
tax, customs duty and excise duty were outstanding, as at for a period
of more than six months from the date they became payable.

10. The accumulated losses of the company are more than fifty percent
of the net worth of the company.

11. According to the information and explanations given to us, the
company has not defaulted in repayment of dues to a financial
Institution, bank or debenture holder.

12. As per information and explanations provided to us the company has
not granted any loans and advances on the basis of security by way of
pledge of share, debentures and other securities.

13. (a) In our opinion, the Company is not a chit fund or nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (Xiii) of
the (Auditor''s Report) Order 2003 are not applicable to the Company.

(b) In our opinion and as per the information and explanation provided
to us, the company is not dealing In or trading in shares, securities,
debentures and other investments.

14. According to the information and explanations given to us, the
company holds shares, securities, in its own name.

15. As per information and explanations given to us, the company has
not during the year given any guarantee for loans taken by others from
bank or financial institutions.

16. According to the information provided to us the Company has not
availed any term loans during the financial year.

17. In our opinion and according to the information and explanations
provided to us the Company has not raised any funds on short-term basis
during the financial year.

18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act.

19. In our opinion and as per the Information and explanation provided
to us the company has not issued any debentures during the year.

20. As per the available information and explanations the company has
not roised money by public issue during the year.

21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.

For Garg Agrawal & Agrawal
Chartered Accountants

(Ashol Agwaral )
Partner
M.No. 500883
Place: Delhi
Date: 06.07.2012

Mar 31, 2011

1, We have audited the attached Bolance Sheet of M/s MAHADUSHI
INTERNATTONAL TRADE LIMITED, as at 31st March 2011, Profit and Loss
Account and cash flow for the yeor ended on that date annexed thereto.
^These financial statements are the responsibility of the Company''s
management. Our responsibility is to express on opinion on these
financial statements, baSed on our audit.

2 We conducted our audit in accordance with auditing standards
generally accepted in India Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of motenal misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial stotem^ents. An audit else includes
assessing the accounting principles used and significont estimates made
by management, as v;eli as evoluoting the over all f mancial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion

3. As required by Companies (Auditor''s Report) Order, 2003 issued by
the Central Government of India in terms of sub-section (4 A) of
section 227 of the Componies Act, 19b6. we enclose in the Annexure a
statement on the matters specified in paragraph 4 and 5 of the said
order.

Further to our comments m the Annexure referred to above, we report
that-

(i) Me hove obtained ol! the information and explanations, which to
the best of our knowledge and belief were necessory for the purpose of
our audit,

ii) In our opinion, proper books of accounts as required by law hove
been kept by the company so far as appears from our examination of
those books,

iii) The Balance Sheet, Profit and Loss Account ond cosh flow dealt by
this report are m agreement with the books of ai:count.

iv) In our opinion, the Balance Sheet, Profit and Loss Account and cash
flow dealt with by this report comply with the accounting standards
referred to in sub-section (3C) of section 211 of the Companies Act,
1956;

v) On the basis of written representations received from the directors,
as on 31st March 2011, and taken on record by the Board of Directors,
we report that none of the Directors is disqualified as on 31st March
2011 from being appointed as a director in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act, 1956;

vi) In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required to the Companies Act, 1956, in the manner so required and
give a true and fair view in conformity with the accounting principles
generolly accepted in India.

(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2011,; and

(b) in the case of the Profit and Loss Account, the Loss of the Company
for the year ended on that date.

(c) In the case of cash flow statement, of the cash flow for the year
ended on that date.

1 (o) The Company has maintained proper records showing particulars,
including quantitative details and situation of fixed assets.

(b) As per explanation given to us a portion of the fixed assets has
been physically verified by the management during the year and there is
a regular program of physical verification, which, in our opinion, is
reasonable having '' regard*to the size of the company and nature of the
assets. No material discrepancies were noticed on such verification.

(c) In our opinion and as per information and explanation provided^ to
us significant part of fixed assets has been disposed off during the
year.

2. (a) The company does not have any Inventories during the year.
Therefore clauses (b) and (c) are not applicable.

3. (a) As per Information and explanation provided to us the company
has not granted any loans, secured otmnsecured to companies, firms or
other parties covered in the register maintained under section 301 of
the Act and hence the clauses (b),(c),(d)are not applicable to the
company.

(e) As per Information and explanation provided to us the company has
not taken any loans, secured or unsecured from companies, firms or
other parties covered in the register maintained under section 301 of
the Act and hence the clauscs(g) and (f) not applicable.

In our opinion and according to the information and explonations given
to us, there ore adequate internal control procedures commensurate with
the size of the company and the nature of its business with regard to
purchases of inventory, fixed assets and with regard to the sale of
goods. During the course of our audit, no major weakness has been
noticed in the internal '' controls.

5. (q) As per the available records. In our opinion the company has not
entered into any transaction, which in our opinion needs to be entered
into the register maintained under section 301 and hence Clouse (b) not
applicable.

6. According to the information provided to us and in our opinion the
company has not accepted any deposits from the public during the year.

7. In our opinion, the company has on internal audit system
commensurate with the size and nature of its business,

8. According to the explanations given to us the Central Government has
not prescribed mointenonce of cost records under section 209 (1) (d) of
the Companies Act, 1956, to the company.

9. (q) In our opinion and as per the information provided to us the
Company is regular in depositing undisputed statutory dues including
Provident Fund, investor Education and Protection Fund, Employees State
Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty,
Excise Duty, Cess and any other statutory dues with the appropriate
authorities.

(b) According to the information and explanations given to us,
noaundisputed . amount payable in respect of income-tax, wealth-tax,
sales tax, customs duty and excise duty were outstanding, as at for a
period of more than six months from the date they became payable,

10. The accumulated losses of the company are not more than fifty
percent of the net worth of the company.

11 According to the information and explanations given to us, the
company has not defaulted in repKiyment of dues to a financial
institution, bank or debenture holder.

12. As per information and explanations provided to us the company has
not granted any loans and advances on the basis of security by way of
pledge of share, debentures and other securities.

13. (q) In our opinion, the Company is not « chit fund or nidhi/mutual
benefit fund/society. Therefore, the provisions of clause 4 (Xiit) of
the (Auditor''s Report) Order 2003 are not applicable to the Company.

(b) '' In our opinion and as per the information and explanation
provided to us, the company is not dealing in or trading in shares,
securities, debentures and other investments.

14. According to the information and explanations given to us, the
company holds shares, securities, in its own name. As per information
and explanations given to us, the compony has not during the year given
any guarantee for loans taken by others from bank or financial
institutions.

16. According to the information provided to us the Company has not
availed any term loans during the financial year.

17. In our opinion and according to the information and explanations
provided to us the Company has not roised any funds on short-term basis
during the financial year.

18. According to the information and explanations given to us, the
company has not made preferential allotment of shares to parties and
companies covered in the register maintained under section 301 of the
Act,

19. In our opinion ond as per the informotion and explanation provided
to us the - company has not issued any debentures during the year.

20. As per the available information and explanations the company has
not raised money by public Issue during the year.

21. According to the information and explanations given to us, no fraud
on or by the company has been noticed or reported during the course of
our audit.